MARKHAM, ON, March 25 /PRNewswire-FirstCall/ - AlphaRx (OTC BB:ALRX -News), is pleased to announce a proposed non-brokered private placement inconjunction with its proposed TSX Venture Exchange listing application,subject to TSX Venture Exchange approval, of 16,000,000 units at a price ofUS$0.10 per unit, for gross proceeds of US$1,600,000.
Each unit consists of one common share plus one-half common share purchasewarrant. Each whole common share purchase warrant will enable the holder topurchase one common share at a price of $0.125 for a period of 24 months fromclosing. Closing of the private placement is subject to the Company's commonshares being listed and posted for trading on the TSX Venture Exchange and theCompany becomes a "qualifying issuer" as such term is defined in Multi-LateralInstrument 45-102 of the Canadian Securities Administrators ("MI 45-102")resulting in the securities issued in the private placement qualifying for afour month hold period pursuant to MI 45-102.
AlphaRx is a specialty pharmaceutical company utilizing proprietarysite-specific nanoparticulate drug delivery systems to develop novelformulations of drugs that are insoluble or poorly soluble in water or haveyet to be administrable to the human body with an acceptable delivery method.The Company's product candidates address various pharmaceutical markets,including inflammation, tuberculosis and pneumonia.
Forward Looking Statements:
This release contains forward-looking statements within the meaning andpursuant to the Safe Harbor provisions of the Securities Litigation Reform Actof 1995 and involve risks and uncertainties that may individually or mutuallyimpact the matters herein described, including but not limited to productdevelopment and acceptance, manufacturing, competition, regulatory and/orother factors, which are outside the control of the companies.
Copyright @ 2008. AlphaRx Inc.The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release. About AlphaRx Inc.
SOURCE AlphaRx Inc.